Alkermes PLC (ALKS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo dos Alkermes PLC (ALKs), uma empresa farmacêutica pioneira que transforma paisagens de tratamento neurológico e dependente por meio de inovações inovadoras. Ao alavancar tecnologias sofisticadas de administração de medicamentos e parcerias estratégicas, a Alkermes criou um nicho único ao abordar distúrbios complexos do sistema nervoso central, oferecendo esperança e soluções terapêuticas avançadas que desafiam os paradigmas farmacêuticos tradicionais. Seu modelo dinâmico de modelo de negócios revela uma abordagem multifacetada para a inovação em saúde, misturando experiência científica, colaborações estratégicas e metodologias centradas no paciente para revolucionar as metodologias de tratamento de saúde mental e dependência.

Alkermes PLC (ALKS) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas para desenvolvimento de medicamentos

Alkermes estabeleceu as principais parcerias farmacêuticas, incluindo:

Parceiro	Detalhes da colaboração	Ano iniciado
Biogênio	Desenvolvimento e comercialização da Vivitrol	2007
Johnson & Johnson	Risperdal Consta Antipsicótico injetável de ação longa	2002

Parcerias de pesquisa com instituições acadêmicas

• Colaboração de Pesquisa dos Institutos Nacionais de Saúde (NIH)
• Parceria de Pesquisa Neurológica do Hospital Geral de Massachusetts
• Colaboração de descoberta de drogas na Escola de Medicina Harvard

Acordos de fabricação com organizações de produção contratadas

Alkermes colabora com organizações de fabricação de contratos (CMOs) para recursos de produção:

Parceiro da CMO	Foco de fabricação
Patheon	Produção farmacêutica em larga escala
Grupo Lonza	Fabricação de medicamentos injetáveis ​​especializados

Acordos de licenciamento para propriedade intelectual

Os acordos ativos de licenciamento de propriedade intelectual incluem:

• Licenciamento de tecnologia de entrega de medicamentos de liberação prolongada
• Acordos de licenciamento cruzado de patente de medicação do CNS

Parcerias de distribuição com atacadistas farmacêuticos globais

Distribuidor	Cobertura geográfica
Amerisourcebergen	Distribuição farmacêutica norte -americana
McKesson Corporation	Rede de atacado farmacêutico global

Alkermes PLC (ALKS) - Modelo de negócios: Atividades -chave

Pesquisa farmacêutica e desenvolvimento de medicamentos

Investimento de P&D em 2023: US $ 308,1 milhões

Áreas de foco de pesquisa	Status do pipeline atual
Distúrbios neurológicos	7 programas de desenvolvimento ativo
Tratamento de dependência	3 candidatos avançados de drogas em estágio

Ensaios clínicos e submissões regulatórias

Ensaios clínicos em andamento em 2024: 12 Programas totais

• Fase 1: 3 Programas
• Fase 2: 5 Programas
• Fase 3: 4 Programas

Fabricação de produtos farmacêuticos especializados

Total de instalações de fabricação: 2 locais primários

Localização	Capacidade de produção
Dublin, Irlanda	Local de fabricação comercial primária
Massachusetts, EUA	Pesquisa secundária e produção em pequena escala

Marketing e comercialização

Total de produtos comercializados: 4 tratamentos farmacêuticos

• Vivitrol® (tratamento de dependência)
• Aristada® (Medicação da Esquizofrenia)
• Lybalvi® (tratamento de saúde mental)
• Herceptin® (Cuidado de Apoio ao Câncer)

Inovação de tecnologias de entrega de medicamentos

Patentes tecnológicas atuais: 38 patentes ativas

Tipo de tecnologia	Número de inovações
Formulações de liberação prolongada	22 patentes
Mecanismos controlados de entrega de medicamentos	16 patentes

Alkermes PLC (ALKS) - Modelo de negócios: Recursos -chave

Capacidades avançadas de pesquisa e desenvolvimento

A Alkermes investiu US $ 311,7 milhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia mantém vários programas de pesquisa ativa em áreas terapêuticas neurológicas e psiquiátricas.

Investimento em P&D	Ano
US $ 311,7 milhões	2022

Plataformas proprietárias de entrega de medicamentos

Alkermes se desenvolveu Múltiplas tecnologias de administração de medicamentos proprietários, incluindo:

• ALKS 5461 Plataforma de liberação estendida
• Tecnologia injetável de ação prolongada (LAI)
• Sistemas de entrega de medicamentos à base de microesfera

Portfólio de propriedade intelectual extensa

Categoria IP	Número de patentes
Total de patentes ativas	Mais de 450
Patentes dos EUA	Aproximadamente 250

Talento científico e médico especializado

A partir de 2022, a Alkermes empregava 2.600 funcionários totais, com aproximadamente 60% envolvidos em funções de pesquisa, desenvolvimento e fabricação.

Instalações de pesquisa e fabricação de ponta

• Instalações de pesquisa localizadas em Dublin, Irlanda
• Locais de fabricação em Athlone, Irlanda
• Centro de Pesquisa e Desenvolvimento em Waltham, Massachusetts

Localização da instalação	Função primária
Dublin, Irlanda	Sede corporativa
Athlone, Irlanda	Fabricação
Waltham, MA	Pesquisa e desenvolvimento

Alkermes plc (ALKs) - Modelo de negócios: proposições de valor

Tratamentos inovadores para distúrbios do sistema nervoso central

Os Alkermes produzem produtos farmacêuticos especializados direcionados às condições de saúde neurológica e mental. Os principais medicamentos incluem:

Produto	Área terapêutica	Ano de aprovação da FDA	Receita anual (2023)
Aristada	Esquizofrenia	2015	US $ 322 milhões
Vivitrol	Dependência de álcool/opióides	2006	US $ 417 milhões

Tecnologias avançadas de entrega de medicamentos

Tecnologias injetáveis ​​de liberação prolongada Representar a inovação principal:

• Formulações injetáveis ​​de ação prolongada
• Mecanismos de liberação de medicamentos controlados
• Adesão à medicação do paciente aprimorada

Medicamentos atendendo às necessidades médicas não atendidas

Investimento de pesquisa e desenvolvimento em 2023: US $ 262,4 milhões

Foco na pesquisa	Estágio de desenvolvimento
Distúrbios neurológicos	Fase 2/3 Ensaios Clínicos
Tratamentos de saúde mental	Estágio pré -clínico/inicial

Resultados aprimorados do paciente

Métricas de eficácia clínica para os principais produtos:

• Aristada: 78% de taxa de adesão ao paciente
• Vivitrol: redução de 90% no potencial de recaída

Opções de tratamento aprimoradas para distúrbios de saúde mental e dependência

Dados de posicionamento de mercado:

Categoria de tratamento	Quota de mercado	Taxa de crescimento anual
Gerenciamento de esquizofrenia	5.2%	3.7%
Recuperação de dependência	4.8%	4.3%

Alkermes plc (ALKs) - Modelo de negócios: relacionamentos com o cliente

Engajamento profissional médico direto

Alkermes se envolve com profissionais médicos por meio de interações direcionadas em 2024:

Tipo de interação	Freqüência	Especialistas -alvo
Reuniões de consultoria clínica	48 por ano	Psiquiatras, neurologistas
Apresentações da conferência médica	12 grandes conferências	Especialistas em medicina de dependência
Consultas científicas individuais	276 reuniões individuais	Médicos de pesquisa

Programas de apoio ao paciente

As iniciativas abrangentes de apoio ao paciente incluem:

• Programa de assistência ao paciente da Vivitrol: suporta 3.742 pacientes anualmente
• Serviços de acesso à medicação: abrange 87% dos pacientes segurados comercialmente
• Mecanismo de apoio financeiro: reduz os custos diretos em até US $ 500 por receita

Plataformas de informações de saúde digital

Métricas de engajamento digital para 2024:

Plataforma	Usuários ativos mensais	Categorias de informações
Portal de educação do paciente	42.563 usuários	Informações de tratamento, efeitos colaterais
Portal do provedor de saúde	8.276 profissionais registrados	Diretrizes clínicas, dados de pesquisa

Iniciativas contínuas de educação médica

Detalhes do engajamento da educação médica:

• Módulos CME online: 24 novos cursos em 2024
• Participação no webinar: 5.412 profissionais de saúde
• Orçamento anual de educação médica: US $ 3,2 milhões

Consultas de abordagem de tratamento personalizado

Métricas de estratégia de personalização:

Tipo de consulta	Número de consultas	Foco especializado
Planejamento de tratamento individual	1.876 consultas	Esquizofrenia, vício
Genético Profile Avaliações	672 Avaliações personalizadas	Previsão da resposta à medicação

Alkermes PLC (ALKS) - Modelo de Negócios: Canais

Força de vendas direta para profissionais de saúde

A Alkermes mantém uma equipe de vendas interna dedicada de 220 representantes de vendas farmacêuticas a partir de 2023, direcionando especificamente os prestadores de serviços de saúde em neuropsiquiatria e tratamento de dependência nos Estados Unidos.

Métrica do canal de vendas	2023 dados
Total de representantes de vendas	220
Cobertura geográfica	Estados Unidos
Áreas de foco primário	Neuropsiquiatria, tratamento de dependência

Atacadistas farmacêuticos

Alkermes distribui produtos por meio de grandes atacadistas farmacêuticos, incluindo:

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation

Plataformas de informações médicas online

A empresa utiliza plataformas digitais para disseminação de informações do produto, com aproximadamente 78.000 visitantes profissionais de saúde exclusivos para seus recursos digitais em 2023.

Conferências médicas e simpósios

Participação da conferência	2023 Estatísticas
As conferências totais compareceram	42
Apresentações científicas	27
Alcance estimado do público	5.600 profissionais de saúde

Redes de comunicação profissional de saúde

Alkermes aproveita as redes de comunicação profissional com uma estratégia de engajamento digital atingindo aproximadamente 12.500 especialistas em psiquiatras e dependência através de canais de comunicação digital direcionados em 2023.

Alkermes PLC (ALKS) - Modelo de negócios: segmentos de clientes

Psiquiatras e neurologistas

Em 2023, os Alkermes relataram direcionar aproximadamente 2.500 psiquiatras e neurologistas especializados em distúrbios neurológicos e de dependência nos Estados Unidos.

Especialidade	Número de profissionais -alvo	Penetração de mercado
Psiquiatras	1,850	74%
Neurologistas	650	26%

Centros de tratamento de saúde mental

A Alkermes atende 437 centros especializados em saúde mental em todo o país a partir do quarto trimestre 2023.

• Centros de tratamento de pacientes internados: 189
• Centros de tratamento ambulatorial: 248

Instalações de tratamento de dependência

A empresa estabeleceu relacionamentos com 612 instalações de tratamento de dependência em 2023.

Tipo de instalação	Número de instalações	Cobertura geográfica
Centros de reabilitação	412	48 estados
Clínicas de dependência especializadas	200	37 estados

Sistemas hospitalares

Alkermes colabora com 276 sistemas hospitalares nos Estados Unidos em 2023.

• Grandes centros médicos acadêmicos: 87
• Redes de hospitais regionais: 189

Pacientes individuais com distúrbios neurológicos e dependentes

Em 2023, os medicamentos dos Alkermes atenderam aproximadamente 125.000 pacientes individuais.

Categoria de distúrbio	Número de pacientes	Taxa de prescrição de medicamentos
Esquizofrenia	58,000	46.4%
Distúrbios do vício	45,000	36%
Transtorno bipolar	22,000	17.6%

Alkermes PLC (ALKS) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, Alkermes registrou despesas de P&D de US $ 331,5 milhões.

Ano	Despesas de P&D ($ M)	Porcentagem de receita
2023	331.5	37.8%
2022	314.2	36.5%

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para alkermes em 2023 foram de aproximadamente US $ 178,6 milhões, com foco em terapias neurológicas e psiquiátricas.

• Ensaios clínicos em andamento para Alks 3831
• Desenvolvimento contínuo de Alks 4230 imunoterapia
• Estudos clínicos de múltiplos fase 2 e fase 3

Custos de fabricação e produção

As despesas de fabricação de 2023 totalizaram US $ 214,3 milhões.

Categoria de fabricação	Despesa ($ m)
Custos de fabricação diretos	156.7
Manutenção da instalação	37.9
Depreciação do equipamento	19.7

Despesas de vendas e marketing

As despesas de vendas e marketing para 2023 foram de US $ 187,2 milhões.

• Expansão da equipe comercial
• Iniciativas de marketing digital
• Programas de engajamento profissional de saúde

Conformidade regulatória e sobrecarga administrativa

Os custos administrativos e de conformidade de 2023 totalizaram US $ 92,5 milhões.

Categoria de conformidade	Despesa ($ m)
Conformidade legal e regulatória	42.3
Despesas administrativas corporativas	50.2

Alkermes plc (ALKs) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

Para o ano fiscal de 2023, os Alkermes reportaram receita total de US $ 1.212,2 milhões. Receita de vendas de produtos incluída especificamente:

Produto	Receita anual
Vivitrol	US $ 355,2 milhões
Aristada	US $ 270,5 milhões

Renda de royalties de acordos de licenciamento

A renda de royalties para 2023 totalizou US $ 43,7 milhões, derivados principalmente de:

• Janssen Pharmaceuticals Licensing Acordes
• Royalties de parceria de biogen

Serviços de Pesquisa e Desenvolvimento de Contrato

Os serviços de P&D contratados geraram US $ 82,5 milhões em receita durante 2023, incluindo financiamento colaborativo de pesquisa de parceiros farmacêuticos.

Financiamento de pesquisa colaborativa

O financiamento colaborativo da pesquisa para 2023 totalizou US $ 24,6 milhões de várias parcerias de pesquisa farmacêutica.

Pagamentos marcantes de parcerias farmacêuticas

Os pagamentos marcantes em 2023 atingiram US $ 15,3 milhões de colaborações em andamento em desenvolvimento farmacêutico.

Parceria	Pagamento marco
AstraZeneca	US $ 8,2 milhões
Outras parcerias	US $ 7,1 milhões

Alkermes plc (ALKS) - Canvas Business Model: Value Propositions

You're looking at the core value Alkermes plc (ALKS) delivers right now, grounded in the latest numbers from their Q3 2025 performance. The value propositions center on differentiated treatments across serious mental illness, addiction, and the emerging area of hypersomnolence.

Long-acting injectable treatments for serious mental illness (ARISTADA) represent a key value driver in the psychiatry segment. This formulation helps address adherence challenges common with daily oral medications for conditions like schizophrenia. The financial commitment from the market to this value proposition is clear from the latest sales figures.

Non-addictive treatment for alcohol and opioid dependence (VIVITROL) offers a crucial alternative for patients struggling with substance use disorders, providing a monthly, non-narcotic option. This product continues to be a significant revenue generator for Alkermes plc.

Novel oral treatment for schizophrenia and bipolar I disorder (LYBALVI) provides a newer oral option, showing strong momentum in the market. The growth here is outpacing the other core products, suggesting strong resonance with prescribers for its specific profile.

Here's how the proprietary portfolio stacked up in the third quarter of 2025, showing the immediate value being captured:

Product	Value Proposition Focus	Q3 2025 Net Sales (USD)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
VIVITROL	Non-addictive treatment for alcohol/opioid dependence	$121.1 million	7%
ARISTADA	Long-acting injectable for serious mental illness	$98.1 million	16%
LYBALVI	Novel oral treatment for schizophrenia/bipolar I disorder	$98.2 million	32%

The combined net sales from these three proprietary products reached $317.4 million in Q3 2025, contributing to total revenues of $394.2 million for the quarter. Management raised the full-year 2025 total revenue guidance to a range of $1.43 billion to $1.49 billion, reflecting confidence in these value propositions continuing to deliver.

Potential for transformative treatments in central disorders of hypersomnolence speaks to the future value proposition, centered on the investigational oral orexin 2 receptor agonist, alixorexton (ALKS 2680). This program aims to offer a novel mechanism to restore wakefulness for patients with conditions like narcolepsy and idiopathic hypersomnia.

The market need is substantial, based on 2025 prevalence estimates:

• Narcolepsy affects between 25 to 50 per 100,000 individuals globally.
• Idiopathic Hypersomnia (IH) affects approximately 2 to 10.3 per 100,000 individuals.

The company has already demonstrated early clinical value:

• Single doses of ALKS 2680 showed statistically significant, clinically meaningful improvements in mean sleep latency in Phase 2 studies (Vibrance-1).
• Positive data from the Vibrance-1 study in narcolepsy type 1 was presented, with topline results from Vibrance-2 in narcolepsy type 2 expected next month.
• The plan is to initiate a global Phase 3 clinical program in early Q1 2026.

Furthermore, the proposed acquisition of Avadel Pharmaceuticals is positioned to immediately strengthen the pipeline in this area, adding another potential growth driver. Alkermes plc ended Q3 2025 with $1.14 billion in cash, cash equivalents, and total investments, which supports advancing these high-potential, non-dilutive pipeline programs.

Finance: draft 13-week cash view by Friday.

Alkermes plc (ALKS) - Canvas Business Model: Customer Relationships

Dedicated sales force engagement with prescribers (psychiatrists, addiction specialists)

Alkermes plc completed the expansion of its psychiatry sales force in the first quarter of 2025, deploying new positions to focus on maintaining competitive share of voice for LYBALVI and reaccelerating growth for ARISTADA. Selling, General, and Administrative (SG&A) expenses for 2025 are projected to be in the range of $655 to $685 million, which explicitly reflects these investments in the psychiatry sales team expansion and promotional support for commercial products. The engagement strategy is directly tied to driving prescription volume for key neuroscience assets.

• LYBALVI net sales for the third quarter of 2025 were $98.2 million, representing a 32% increase compared to the third quarter of 2024.
• ARISTADA net sales for the third quarter of 2025 reached $98.1 million, marking a 16% increase year-over-year.
• VIVITROL net sales for the third quarter of 2025 were $121.1 million, showing a 7% growth compared to the third quarter of 2024.

Patient support programs for access and adherence to complex therapies

Alkermes plc maintains programs designed to support eligible patients prescribed their medicines, which is critical for complex, long-acting injectable or specialized oral therapies. In 2022, more than 22,000 patients participated in the company's Co-Pay Savings Programs. The company also offers Patient Assistance Programs. The commercial performance of the proprietary portfolio underscores the volume of patients requiring ongoing support for adherence.

Proprietary Product	Q3 2025 Net Sales (USD)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
VIVITROL	$121.1 million	7%
ARISTADA	$98.1 million	16%
LYBALVI	$98.2 million	32%

Direct communication with payers (government and commercial) for formulary coverage

Direct payer communication is evidenced by the financial impact of utilization adjustments, particularly with government payers. For the third quarter of 2025, Alkermes recorded approximately $8.0 million in VIVITROL revenue related to gross-to-net favorability, primarily driven by Medicaid utilization adjustments. Similarly, ARISTADA recorded approximately $5.0 million in gross-to-net favorability from Medicaid adjustments in the same period. In the second quarter of 2025, the Medicaid adjustments were higher, with VIVITROL recording about $9.0 million and ARISTADA recording about $11.0 million in favorability.

• Total Proprietary Net Sales for the second quarter of 2025 were $307.2 million.
• Total Proprietary Net Sales for the first quarter of 2025 were $244.5 million.
• The company reiterated its 2025 financial expectations in July 2025, following strong Q2 performance.

Alkermes plc (ALKS) - Canvas Business Model: Channels

You're looking at how Alkermes plc gets its neuroscience products and services to the end-user and stakeholders as of late 2025. The channel strategy is a mix of direct engagement, specialized third-party logistics, and strategic partnerships.

Direct commercial sales force targeting U.S. healthcare providers

Alkermes plc maintains a dedicated commercial presence focused on the U.S. market for its proprietary portfolio, which includes VIVITROL, ARISTADA (product family), and LYBALVI. This direct channel is crucial for driving awareness and adoption among prescribing physicians and treatment centers.

While the most recent specific headcount data points to a structure supporting the psychiatry franchise (ARISTADA and LYBALVI) of approximately 315 individuals and a separate force for VIVITROL of about 110 individuals as of early 2023, this structure is what supports the 2025 sales guidance.

The focus of the sales efforts directly correlates with the revenue expectations for the proprietary products in 2025:

• VIVITROL net sales expected in the range of $440 million to $460 million.
• ARISTADA product family net sales expected in the range of $335 million to $355 million.
• LYBALVI net sales expected in the range of $320 million to $340 million.

Specialty pharmacies and distributors for product fulfillment

Product fulfillment relies heavily on established distribution networks, including major pharmaceutical wholesalers and specialty distributors. For VIVITROL specifically, in 2022, sales to Cardinal Health, McKesson Corporation, and AmerisourceBergen accounted for approximately 25%, 22%, and 16% of total gross sales, respectively. This shows a significant reliance on these large entities for getting the product to the point of care.

Furthermore, Alkermes plc actively manages its distribution access through policies like the Contract Pharmacy Policy, which saw updates in 2025 concerning 340B pricing distribution in states like North Dakota and Colorado, effective in mid-2025. This management channel ensures compliance and access for specific patient populations.

The overall commercial execution is translating to solid top-line performance; for instance, Total Revenues for the third quarter of 2025 were reported at $394.2 million, and for the second quarter of 2025, Total Revenues were $390.7 million.

Here's a look at the revenue contribution from the proprietary product channel, based on 2025 guidance:

Product	2025 Net Sales Guidance (Low End, USD Millions)	2025 Net Sales Guidance (High End, USD Millions)
VIVITROL	440	460
ARISTADA Family	335	355
LYBALVI	320	340

Licensing partners for non-proprietary product distribution (e.g., Biogen)

Alkermes plc utilizes licensing agreements to distribute certain products, which generates Manufacturing & Royalty Revenues. This channel diversifies reach beyond the direct U.S. commercial focus.

For example, in the second quarter of 2025, Manufacturing and Royalty Revenues totaled $83,422 thousand. In the first quarter of 2025, Manufacturing and Royalty Revenues were $62.0 million, which included revenues of $27.8 million from VUMERITY, a product licensed to Biogen MA Inc.

These royalty streams are a key component of the overall revenue base, which was $1.52 billion trailing twelve months as of September 30, 2025.

Investor relations and medical affairs outreach

The connection with the financial community and healthcare providers outside of the direct sales force is managed through dedicated outreach functions. Investor Relations actively communicates performance and strategy, with management scheduled to participate in conferences like the 8th Annual Evercore Healthcare Conference on December 3, 2025, and the Piper Sandler 37th Annual Healthcare Conference on December 4, 2025.

Medical Affairs focuses on scientific exchange. As of late 2025, Alkermes Medical Affairs was scheduled to attend ASHP 2025 from December 7th to December 11th, and had recently made presentations from NEI 2025 and AMCP Nexus 2025 available.

• Investor Relations contact number: +1 781 873 2402.
• Medical Affairs Adverse Event/Product Complaint reporting line: 888-235-8008.
• The Investor Relations website provides access to quarterly reports like the Form 10-Q for the quarter ended March 31, 2025.

Alkermes plc (ALKS) - Canvas Business Model: Customer Segments

You're looking at the specific groups of people and organizations Alkermes plc targets with its neuroscience-focused portfolio as of late 2025. This is where the revenue actually comes from.

Patients with schizophrenia and bipolar I disorder

This segment is served by the commercial products LYBALVI and ARISTADA. The underlying market size for these conditions in the U.S. is substantial.

• Schizophrenia affects about 1.1% of the U.S. population.
• Bipolar I disorder affects approximately 1% of the adult population in the U.S. in any given year.

Here's how the key products targeting these patients performed in the third quarter of 2025:

Product	Indication Focus	Q3 2025 Net Sales
LYBALVI	Schizophrenia and Bipolar I Disorder	$98.2 million
ARISTADA	Schizophrenia	$98.1 million

Patients with alcohol dependence and opioid dependence

The primary product for this segment is VIVITROL, a long-acting injectable therapy. The broader Opioid Use Disorder (OUD) market shows significant growth potential.

• VIVITROL Q3 2025 Net Sales were $121.1 million, marking a 7% increase year-over-year.
• VIVITROL Q2 2025 Net Sales were $121.7 million.
• The Global Opioid Use Disorder (OUD) Market Size was estimated at USD 3.5 Billion in 2024.
• The OUD Market is anticipated to reach USD 10.6 Billion by 2035, growing at a CAGR of 10.6% between 2025 and 2035.

Healthcare providers (HCPs) specializing in psychiatry and addiction medicine

These are the prescribers and influencers who determine patient access to Alkermes plc's therapies. The company actively engages this group through its commercial and medical affairs teams.

• In a September 2024 survey of HCPs treating these conditions, Alkermes plc included responses from 127 psychiatrists and 126 nurse practitioners (NPs)/physician assistants (PAs) in the U.S..
• Selling, general and administrative expenses in Q3 2025 totaled $171.8 million, up around 14% year-over-year, partly due to the expansion of the psychiatry field organization earlier in 2025.

Patients with narcolepsy and idiopathic hypersomnia (future focus)

This represents a pipeline customer segment for Alkermes plc, centered around the development of alixorexton (ALKS 2680), an orexin 2 receptor agonist. The company is preparing for a significant launch phase.

• Alkermes plc expects to report topline results from the Vibrance-2 study in narcolepsy type 2 in the Fall of 2025.
• The company is preparing to initiate its global phase 3 clinical program in early 2026.

Alkermes plc (ALKS) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Alkermes plc business model as of late 2025. Honestly, the cost structure is dominated by the commercial infrastructure and the pipeline investment, which is typical for a company at this stage of its transformation.

Here are the key cost components based on the initial financial expectations provided for the 2025 fiscal year:

• High Selling, General, and Administrative (SG&A) expenses, expected at $655 million to $685 million in 2025.
• Significant R&D investment, expected at $305 million to $335 million in 2025.
• Cost of Goods Sold (COGS) for proprietary products, expected at $185 million to $205 million in 2025.
• Clinical trial costs for the Phase 2/3 orexin 2 agonist program.

The SG&A figure reflects the investments made to support the growth of the commercial portfolio, like LYBALVI, and the expansion of the psychiatry field sales force. It's a big number, but it's the cost of maintaining and growing the revenue base from VIVITROL, ARISTADA, and LYBALVI.

The Research and Development (R&D) spend is where you see the commitment to future value creation. This investment level is specifically set to accommodate the ongoing clinical programs, most notably the alixorexton (formerly ALKS 2680) Phase 2 studies in narcolepsy and the planning for the Phase 3 initiation. Here's the quick math on how those expectations shifted slightly as the year progressed, based on the latest third-quarter update:

Expense Category	Initial 2025 Expectation (Approx.)	Updated 2025 Expectation (as of Oct 28, 2025)
SG&A Expense	$655 million - $685 million	$675 million - $705 million
R&D Expense	$305 million - $335 million	$315 million - $325 million
Cost of Goods Sold	$185 million - $205 million	$195 million - $205 million

The orexin 2 receptor agonist program, featuring alixorexton, is a major cost driver within that R&D bucket. You're seeing the cost of running global, randomized, double-blind, placebo-controlled Phase 2 studies like Vibrance-1 (in narcolepsy type 1) and Vibrance-2 (in narcolepsy type 2). The company is preparing to initiate a global Phase 3 clinical program for alixorexton in narcolepsy in the first quarter of 2026, so expect these clinical trial costs to remain a significant, if not increasing, part of the R&D outlay moving into 2026.

To be fair, the COGS range reflects a streamlined manufacturing footprint following the sale of the company's manufacturing business in Ireland last year. Still, the costs associated with producing proprietary commercial products are a necessary expense to keep those revenue streams flowing. The key cost drivers you need to watch are:

• SG&A related to sales force expansion for LYBALVI.
• R&D spend tied to advancing alixorexton toward Phase 3.
• The cost of goods for the established proprietary products like VIVITROL and ARISTADA.

Finance: draft 13-week cash view by Friday.

Alkermes plc (ALKS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Alkermes plc brings in cash as of late 2025. It's all about their specialized medicines and the deals they have in place for other companies' drugs. This stream is heavily weighted toward their proprietary neuroscience portfolio.

The overall expectation for Alkermes plc's proprietary product net sales for the full year 2025 is projected to be in the range of $1.09 billion to $1.15 billion.

Drilling down into the key drivers of that proprietary revenue, you see specific targets for their established treatments:

• VIVITROL net sales are expected at $440 million to $460 million in 2025.
• LYBALVI net sales are expected at $320 million to $340 million in 2025.

To give you a sense of the momentum, by the third quarter of 2025, VIVITROL revenues for that quarter alone were $121.1 million, showing a 7% increase compared to Q3 2024. Similarly, LYBALVI posted quarterly revenues of $98.2 million, marking a substantial 32% jump year-over-year.

The ARISTADA product family also contributes significantly to the proprietary stream. While the full-year guidance for ARISTADA net sales was anticipated around $335 million to $355 million (based on earlier 2025 guidance), Q3 2025 revenues for ARISTADA hit $98.1 million, a 16% increase from the prior year's third quarter.

Here is a quick look at the quarterly performance for the main proprietary products as reported for the third quarter of 2025:

Product	Q3 2025 Net Sales (Millions USD)	Year-over-Year Growth (Q3)
VIVITROL	$121.1	7%
LYBALVI	$98.2	32%
ARISTADA	$98.1	16%

Another vital component of the revenue structure is royalty and manufacturing revenues derived from licensed products. This stream provides a steady, less volatile income base based on the success of medicines developed with Alkermes' technology but commercialized by partners. For instance, in the third quarter of 2025, Alkermes plc recorded specific revenues from these arrangements.

The manufacturing and royalty revenues for the third quarter of 2025 included:

• Royalty revenues from XEPLION, INVEGA TRINZA/TREVICTA, and INVEGA HAFYERA/BYANNLI totaled $30.2 million.
• Manufacturing and royalty revenues from VUMERITY were $35.6 million.

To put that in perspective, the total manufacturing and royalty revenues reported for the first quarter of 2025 were $62.0 million, which included $27.8 million from VUMERITY and $17.7 million from the long-acting INVEGA products. So, the Q3 run-rate for these royalty/manufacturing streams appears consistent or slightly higher than Q1.

Finance: draft 13-week cash view by Friday.